The Renaissance was a period during which transformation, adoption and elaboration were viewed as desirable alternatives to the strict adherence to the traditional systems of the medieval period which preceded it. New concepts, such as banking and the coining of money that began near the end of the medieval feudal system, started to take hold and flourish in the new urban climate of the Renaissance city-states. The decline of the feudal system and its accompanying land-ownership economy led the way to a greater interest in money as an improved medium of exchange during the Renaissance.
During the Renaissance, nation-states and city-states ruled by monarchies began to take the place of feudal manors and fiefdoms. The monarchies viewed trade and commerce as a means of acquiring wealth and power and as a way of weakening the strength of the feudal barons and landholders. The urban centers of the Renaissance developed into hubs of influence and wealth, with trade and money-lending serving as their foundation.
The Renaissance also sparked an increased interest in seafaring exploration but with the intent of generating profit. The development of new trade routes that were accessible by sea assumed the role of an economic incentive.